Guaranteed fixed fees for Leasehold Conveyancing in Honiton

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Any conveyancing solicitor can theoretically handle your leasehold conveyancing in Honiton, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Top Five Questions relating to Honiton leasehold conveyancing

I am in need of some leasehold conveyancing in Honiton. Before diving in I require certainty as to the number of years remaining on the lease.

Assuming the lease is registered - and 99.9% are in Honiton - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I am hoping to exchange soon on a ground floor flat in Honiton. Conveyancing lawyers have said that they report fully next week. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Honiton should include some of the following:

  • Details of the parties to the lease, for example these could be the leaseholder (you), head lessor, freeholder
  • Does the lease prevent you from letting out the property, or working from home
  • You need to be told what constitutes a Nuisance in the lease
  • Changes to the flat (alterations and additions)
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • Responsibility for repairing the window frames
  • What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Honiton please ask your conveyancer in ahead of your conveyancing in Honiton

    • My wife and I purchased a leasehold flat in Honiton. Conveyancing and National Westminster Bank mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Honiton who acted for me is not around.Any advice?

    The first thing you should do is contact HMLR to make sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to instruct a Honiton conveyancing lawyer to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    I am attracted to a two apartments in Honiton both have in the region of fifty years unexpired on the lease term. Will this present a problem?

    There are no two ways about it. A leasehold apartment in Honiton is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. For most purchasers and banks, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Honiton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    Can you provide any top tips for leasehold conveyancing in Honiton from the point of view of expediting the sale process?

    • A significant proportion of the frustration in leasehold conveyancing in Honiton can be avoided where you appoint lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the purchasers’ solicitors.
    • In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Honiton leases often stipulate that internal structural changes or addition of wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. Should you fail to have the approvals in place do not contact the landlord without checking with your conveyancer in the first instance.
  • Some Honiton leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors.
  • If you are supposed to have a share in the freehold, you should make sure that you have the original share document. Organising a new share certificate can be a lengthy process and frustrates many a Honiton conveyancing transaction. If a duplicate share is necessary, do contact the company director and secretary or managing agents (where applicable) for this as soon as possible.
  • You believe that you know the number of years left on your lease but it would be wise to verify this via your lawyers. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 80 years. It is therefore important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

    • I invested in buying a split level flat in Honiton, conveyancing having been completed 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Honiton with over 90 years remaining are worth £265,000. The ground rent is £55 charged once a year. The lease ends on 21st October 2090

    With 65 years left to run the likely cost is going to be between £18,100 and £20,800 as well as legals.

    The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.

    Other Topics

    Lease Extensions in Honiton